It was a real pleasure to close Thursday with literally every single symbol on my futures watch list red. That hasn’t happened since the Bicentennial, and I wouldn’t mind if it was a daily event. As earnings season kick-off, I wanted to say a few words about three big cash indexes.
The has been steadily following a series of “higher lows” for weeks now. It must break that ascending trendline for anything interesting to happen!
COMP Chart
The is more bearish. Much more bearish, I’d say. There are two reasons for my supposition. First, the trendline is already quite plainly broken, and two, the latest effort to make a “higher higher” utterly failed. It didn’t even get to the same ZIP code as the upper trendline before it was exhausted.
COMPQ Chart
The is a really interesting one. There’s something for everyone. For the bulls, their main hope is the small inverted H&S pattern. If it can push above that horizontal line (the higher one) then they’ve got a chance at a real rally. For the bears, the blue lower trendline is the key. If we can manage to break that, it’s going to be a total beargasm.
RUT Chart
For my own portfolio, I am again 100% invested by way of 28 bearish positions (long puts) with expirations ranging from March through July.
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